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Paras Defence &Space

₹700 4.8 | 0.7%

Market Cap ₹2730 Cr.

Stock P/E 83.1

P/B 7

Current Price ₹700

Book Value ₹ 100.6

Face Value 10

52W High ₹848

Dividend Yield 0%

52W Low ₹ 491.7

Paras Defence &Space Research see more...

Overview Inc. Year: 2009Industry: Defence

Paras Defence and Space Technologies Ltd designs, develops, manufactures, and tests defense and space engineering products and solutions in India and across the world. The corporation offers rugged networking and communication, rugged display and computing, and rugged command and control systems; mechanical products, including flow formed tubes; and avionic suites, as well as automated test gadget. It also offers diffractive gratings, Zerodur and steel mirrors, optical domes, gyro blocks, multifold and IR lenses, reflectors and coatings, deployable space antennas, CFRP systems, lens barrels, and extremely-precision production products; rugged wired cabinet, shielded doorways, honey comb filters, turnkey indigo simulator systems, submarine winches, titanium assemblies, and acoustic and magnetic sensing merchandise, as well as naval electronic time fuze, naval chart, different software program modules, and transducer positioning systems and platforms; excessive overall performance embedded computing structures, substitution sub-structures, tank imaging additives and sub-assemblies, turret stabilizations, tri-pods and quadri-pods, and red dot reflex sight products; and heavy duty antenna mechanical systems, rugged cots systems, statistics/video/image processing structures, and active array cooling assemblies, as well as software improvement and machine integration services. In addition, the company presents Electro-Magnetic Pulse (EMP) shielded rooms and control facilities, anechoic shielded chambers, shielded doorways, racks and cabinets, shielded air vents and home windows, filters, EMP hardened products, and anechoic shielded chambers, in addition to turnkey EMP tasks. The enterprise was previously called Paras Flowform Engineering Ltd and changed its name to Paras Defence and Space Technologies Ltd. The agency was founded in 2009 and is centred in Navi Mumbai, India.

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Paras Defence &Space Share Price

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Peer Comparison

Paras Defence &Space Quarterly Results

#(Fig in Cr.) Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Net Sales 50 46 61 41 56 61 65 48 61 64
Other Income 0 1 1 1 1 5 1 1 1 1
Total Income 51 48 63 42 57 66 66 49 62 65
Total Expenditure 35 34 44 30 42 47 48 37 46 52
Operating Profit 15 14 19 12 15 20 18 12 17 13
Interest 2 1 2 0 1 4 2 1 1 2
Depreciation 3 3 3 3 3 3 3 3 3 3
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 11 10 14 9 12 13 13 8 12 8
Provision for Tax 3 2 4 3 4 4 1 2 3 3
Profit After Tax 8 8 10 7 8 9 12 6 9 6
Adjustments -0 -0 -0 0 0 1 -1 0 1 1
Profit After Adjustments 8 8 10 7 8 10 11 6 9 7
Adjusted Earnings Per Share 2.1 2 2.6 1.8 2.2 2.5 2.8 1.5 2.4 1.7

Paras Defence &Space Profit & Loss

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 143 154 147 143 183 222 238
Other Income 3 3 2 1 3 8 4
Total Income 146 157 149 145 186 231 242
Total Expenditure 102 111 107 99 130 165 183
Operating Profit 44 46 42 45 55 66 60
Interest 7 10 10 13 8 8 6
Depreciation 7 9 10 10 10 11 12
Exceptional Income / Expenses 0 0 0 0 0 0 0
Profit Before Tax 30 27 22 23 37 47 41
Provision for Tax 5 8 2 7 9 11 9
Profit After Tax 25 19 20 16 27 36 33
Adjustments 0 0 0 -0 -0 0 1
Profit After Adjustments 25 19 20 16 27 36 33
Adjusted Earnings Per Share 9 6.7 6.9 5.3 6.9 9.2 8.4

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 21% 15% 9% 0%
Operating Profit CAGR 20% 16% 8% 0%
PAT CAGR 33% 22% 8% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 32% NA% NA% NA%
ROE Average 10% 11% 14% 16%
ROCE Average 14% 14% 16% 17%

Paras Defence &Space Balance Sheet

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 124 152 173 207 378 413
Minority's Interest 0 0 0 0 0 0
Borrowings 39 38 37 26 0 1
Other Non-Current Liabilities 28 29 25 24 23 23
Total Current Liabilities 66 110 108 106 56 83
Total Liabilities 257 330 342 363 458 521
Fixed Assets 171 168 158 157 136 153
Other Non-Current Assets 4 4 7 4 24 52
Total Current Assets 82 157 175 198 296 316
Total Assets 257 330 342 363 458 521

Paras Defence &Space Cash Flow

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 1 0 0 1 5 2
Cash Flow from Operating Activities 41 -12 -3 4 12 46
Cash Flow from Investing Activities -49 -10 -5 -6 -77 10
Cash Flow from Financing Activities 8 21 9 5 63 -41
Net Cash Inflow / Outflow -1 -0 1 3 -2 15
Closing Cash & Cash Equivalent 0 0 1 5 2 17

Paras Defence &Space Ratios

# Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 8.99 6.68 6.92 5.27 6.93 9.25
CEPS(Rs) 11.38 9.99 10.34 8.52 9.62 12.11
DPS(Rs) 0 0 0 0 0 0
Book NAV/Share(Rs) 29.38 38.9 46.03 55.21 86.24 95.24
Core EBITDA Margin(%) 27.59 27.98 27.01 30.75 28.73 25.93
EBIT Margin(%) 25.31 23.68 21.77 24.9 24.64 24.55
Pre Tax Margin(%) 20.38 17.36 14.82 15.77 20.03 21.06
PAT Margin (%) 16.8 12.29 13.37 11.01 14.83 16.16
Cash Profit Margin (%) 21.28 18.38 19.97 17.75 20.54 21.23
ROA(%) 9.77 6.47 5.85 4.48 6.6 7.35
ROE(%) 30.58 19.71 16.29 10.68 10.81 10.16
ROCE(%) 25.46 21.27 14.9 14.14 14.15 14.49
Receivable days 61.85 128.27 224.43 245.05 217.76 224.23
Inventory Days 107.1 128.04 155.09 172.07 141.29 131.29
Payable days 106.68 165.65 201.22 118.38 68.3 71.69
PER(x) 0 0 0 0 90.22 50.87
Price/Book(x) 0 0 0 0 7.25 4.94
Dividend Yield(%) 0 0 0 0 0 0
EV/Net Sales(x) 0.48 0.57 0.87 0.89 13.12 8.13
EV/Core EBITDA(x) 1.56 1.93 3.05 2.81 43.22 27.41
Net Sales Growth(%) 0 7.91 -4.76 -2.53 27.37 21.84
EBIT Growth(%) 0 -3.2 -12.46 11.51 26.04 21.36
PAT Growth(%) 0 -24.36 3.62 -19.69 71.53 32.73
EPS Growth(%) 0 -25.69 3.62 -23.86 31.63 33.34
Debt/Equity(x) 0.81 0.77 0.79 0.64 0.09 0.04
Current Ratio(x) 1.24 1.44 1.62 1.87 5.24 3.8
Quick Ratio(x) 0.58 0.85 1.06 1.16 4.06 2.68
Interest Cover(x) 5.13 3.75 3.13 2.73 5.35 7.04
Total Debt/Mcap(x) 0 0 0 0 0.01 0.01

Paras Defence &Space Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 58.94 58.94 58.94 58.94 58.94 58.94 58.94 58.94 58.94 58.94
FII 0.8 0.23 0.23 0.81 0.77 0.53 0.11 0.55 0.49 0.13
DII 3.4 2.63 2.59 2.33 2.64 2.57 2.21 2.72 2.73 2.75
Public 36.85 38.2 38.23 37.92 37.65 37.96 38.74 37.78 37.84 38.18
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company is almost debt free.

Cons

  • Company has a low return on equity of 11% over the last 3 years.
  • Debtor days have increased from 68.3 to 71.69days.
  • Stock is trading at 7 times its book value.
  • The company has delivered a poor profit growth of 7% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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